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Unformatted text preview: Name: __________________________ Date: _____________ AC 201 Quiz#3-Version C Multiple Choice Questions ( 10 points each ) 1. Another name for temporary accounts is: A) Real accounts. B) Contra accounts. C) Accrued accounts. D) Balance column accounts. E) Nominal accounts. 2. The Income Summary account is used: A) To adjust and update asset and liability accounts. B) To close the revenue and expense accounts. C) To determine the appropriate withdrawal amount. D) To replace the income statement under certain circumstances. E) To replace the capital account in some businesses. 3. Sales returns and allowances: A) Can provide useful information about dissatisfied customers and the possibility of lost future sales. B) Are recorded in separate contra-revenue accounts. C) Are rarely disclosed in published financial statements. D) Are closed to the Income Summary account. E) All of the above. Page 1 4. An income statement that includes cost of goods sold as another expense and shows only one subtotal for total expenses is a:...
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This note was uploaded on 03/02/2012 for the course ACCT 201 taught by Professor Tracyedmond during the Spring '10 term at Park.
- Spring '10